NATIXIS_REGISTRATION_DOCUMENT_2017

OVERVIEW OF THE FISCAL YEAR Management report at December 31, 2017

The businessline recorded net inflowsof €23.8 billion over the year, €27.2 billion of which in long-termproducts, with positive net inflowsacrossthe regions: in the US, net inflows totaled €13.9 billion, boosted by Harris a Associatesin equity products,Loomis in bond productsand, to a lesser extent,Alpha Simplexin alternativeproducts; net inflows in Europe totaled €9.0 billion, driven by diversified a products (NAM, H2O, DNCA and Mirova), equities (DNCA, Mirova and Dorval) and bonds (H2O and DNCA),partiallyoffset by outflows in life insurance and money market products (NAM); At €820.1 billion, average assets under management at December 31, 2017, were up (+5.9%) compared to 2016 (at constantEUR exchangerates). The averagerate of return on AuMgained 4.5% to reach 29.5bp, i.e. 1.3 bp higher compared to December 31,2016, at constant exchange rates. At December 31, 2017, the AUM breakdown revealeda preponderanceof bond products(28.4%),followedby equityproducts(25.4%)and life insurance(21.5%). At December 31, 2017, net revenues stood at €2,971.7 million, up 15% year-on-year (i.e. 17% at constant exchange rates), driven by higher fees on AuM across the regions due to the increasein averageAuMand in the commissionrate over the

period, the rise in incentivefees of Europeanasset management companies,and the increasein financialproducts. Expenses stood at €2,033.8 million, up 10% compared to December 31, 2016 (+12% at constant exchange rates). This increase was mainly attributable to the variable compensation expenses of asset management companies in Europe and the US for the most part and, to a lesser extent,to fixed payrollcosts linked to the increasein averageheadcountand pay rises. – Wealth Management B At December 31, 2017, Wealth Management posted net inflows of €1.4 billion , driven essentially by the strong performanceof internationalwealthmanagementand the private managementservicesprovidedby the networks. Assets under management stood at €31.6 billion, up 9.0% for the period. In 2017,WealthManagement's net revenues rose €5.5 millionto €141.5million (+4%) comparedto 2016, which is a €19.2 million increase(+15%)excludingscopeeffect (1) andnon-recurring items (2) . The increasein net revenueswas underpinnedby a high level of incentive fees in 2017, after zero fees in 2016, successful structuredproducts campaignsand other drivers, as well as the increasein commission feeson assetsconnectedto thebusiness.

4

Corporate & Investment Banking 4.1.4.2

Change 2017/2016 %

2016 pro forma

(in millions of euros)

2017

% *

Net revenues

3,581 1,921 1,317

3,270 1,780 1,238

9.5% 7.9% 6.4%

10.4%

Global Markets

8.6% 6.9%

Fixed Income & Treasury

Equity

599

493

21.4%

21.9%

XVA desks

5

49

(88.9)%

(88.9)%

Global Finance

1,328

1,281

3.7%

4.9%

Investment Banking

362 (30)

285 (75)

27.2%

27.9%

Other

(59.9)%

(64.0)%

Expenses

(2,194) 1,387 (115) 1,300 61.3% 6,810 13.5%

(2,046) 1,224 (195) 1,043 62.6% 7,197 10.0%

7.3%

7.9%

Gross operating income Provision for credit losses

13.3%

14.6%

(41.1)%

Pre-tax profit

24.7%

Cost/income ratio Equity (average)

ROE

*

At constant exchange rates.

In 2017 Corporate& InvestmentBanking’s net revenues totaled €3,581 million, up 10.4% compared to 2016 at constant exchangerates.

Capital market revenues totaled €1,921 million in 2017, up 8.6%comparedto 2016.

Transfer of the business to Natixis IM Distribution as part of the Défi project in Q3 2016 (net revenues of €4.6 million and €4.8 million in (1) expenses). €9.1 million in exceptional indemnities paid to the networks as part of the changes to the B2C (Business to Consumer) value sharing rules. (2)

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Natixis Registration Document 2017